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Samsonite says strong Tumi boosts first half sales; shares rise

Samsonite says strong Tumi boosts first half sales; shares rise
A detail of a Samsonite bag is seen in a shop in downtown Rome, Italy March 4, 2016. REUTERS/Max Rossi   -   Copyright  Max Rossi(Reuters)
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HONGKONG (Reuters) – Luggage maker Samsonite International SA <1910.HK> posted a 16.6 percent growth in first-half net sales, helped by strong performance of its high-end Tumi brand, sending its shares up 8 percent on Thursday.

The world’s largest luggage firm said late on Wednesday its first-half net sales rose to $1.85 billion from $1.59 billion a year earlier.

Shares of Samsonite, which have been under pressure since May after a short-seller attacked its accounting practices, rose as much as 8.5 percent to HK$31.80, their highest since July 30.

Its then CEO Ramesh Tainwala resigned less than a week after the attack that involved entities owned by his family, and was taken over by finance chief Kyle Gendreu.

(Reporting by Donny Kwok; Editing by Gopakumar Warrier)

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